As of 2019, there are 28.8 million small businesses in the United States, according to the U.S. Small Business Administration (SBA). This consists of 99.7% of U.S. businesses.
Why are more people taking the risk of starting their own companies?
Why do you need to Pursue With Your Dream Company?
First, there is an enormous opportunity to earn more with a business based on your efforts. In the corporate world, the company’s financial records and the employee’s performance evaluation dictate the salary.
Second, it is more fulfilling to pursue a strong passion and feel a worthwhile contribution to society.
Third, there is an abundance of support available. Attending a coaching course for startup CEO will be very advantageous.
Fourth, someone might be tempted to start a business upon observing a gap in the market for that product or service. Most entrepreneurs have succeeded in being the forerunners in that industry.
Fifth, due to personal preferences or a family situation, some would prefer flexible work. Not being confined in an office cubicle from ‘9 to 5’ can be liberating.
Sixth, some are born entrepreneurs. They prefer making their own decisions instead of getting directions from bosses.
Why Do Startups Fail?
Statistics from SBA show that 30% of startups fail in the first two years, 50% in the next five years, and 66% in the next ten.
There are many studies on why most startups fail. These are as follows:
Unmet Customer Needs
The market does not need the product or service. It does not address the pain points of the consumer. The market is also changing; thus, the business cannot be rigid. It has to adapt to the needs of the market regularly.
No Business Plan
Sitting down and identifying the goals and strategies of the business is very important. A good business plan includes getting the best location as well as planning social media presence and marketing.
Team Disharmony
When founders and investors disagree on critical business decisions, the business can be adversely affected.
Lack of Finances
Financial concerns can be related to cash flow, pricing/costing, loss of investor interest, and legal challenges. Trying to expand too fast can also cause economic issues.
All kinds of businesses face these concerns daily. To be successful, a startup needs to observe how other companies overcame the same challenges.
One good strategy is to learn from a coaching course for a startup CEO.
Is It Reasonable to Hire a Startup Coach?
Getting a good startup coach is the best shortcut to success.
These coaches have years of experience – learning from failures and successes. The result is a proven methodology for growing the business up to 10x.
Consultations start with an assessment of the current situation of the business. Based on their experience, coaches will help identify hidden opportunities and discuss workable strategies.
If you are on the lookout for a startup coach, choose one who has a good track record. Look at testimonials of startups that have grown by applying the coach’s methodology.
Posts by SpeakBindas Editorial Team.